SCOTTS VALLEY, Calif.-February 4, 2008-Seagate Technology (NYSE: STX) today announced that its Board of Directors has approved an increase in its quarterly dividend from $0.10 to $0.12 per share, effective with the dividend expected to be paid to shareholders after the conclusion of the company’s third fiscal quarter of 2008. Additionally, the Board of Directors has authorized the company to repurchase up to an additional $2.5 billion of its outstanding common shares over the next 24 months. This new share repurchase authorization continues our commitment to enhancing shareholder value.
Seagate expects to fund the share repurchase through a combination of cash on hand, future cash flow from operations and potential alternative sources of financing. Share repurchases under this program may be made through a variety of methods, which may include open market purchases, privately negotiated transactions, block trades, accelerated share repurchase transactions or otherwise, or by any combination of such methods. The timing and actual number of shares repurchased will depend on a variety of factors including the common share price, corporate and regulatory requirements and other market and economic conditions. The share repurchase program may be suspended or discontinued at any time.